Blackbaud is adding more jobs, this time another 300 slots, to its already 3,100 jobs in the region. In the Fall, they will begin building a $154M, 360,000 SF office building that will open in 2018 near its headquarters campus on Daniel Island. That’s the biggest employment announcement since Volvo announced its $500M manufacturing plant in 2015, shortly after Mercedes announced a similar investment to build Sprinter vans expansion. Thad Moore has the story about Blackbaud here for The Post and Courier.
A 130-unit senior living facility is underway on Daniel Island that will have an all-inclusive lifestyle with rents from $2,900-$4,800/month. Warren Wise of The Post and Courier has the article here, along with an update on:
- The re-zoning request for the Hughes Lumber site downtown; and,
- A new 335-lot residential subdivision in Berkeley County off Hwy 41, named French Quarter Creek
Publix is now its own landlord in Daniel Island. They bought the Daniel Island Town Center at 162 Seven Farms Drive for about $13.825M, or about $200/SF. The article, from Warren Wise of The Post and Courier, mentions that the seller paid $8.5M back in 2010; actually, Aetna Life Insurance foreclosed on the developer for the note of that same amount.
With about $2B (BILLION) in cash, Publix is on a Southeast buying spree on behalf of its own employee pension fund, where they have bought dozens of well-located long-term strategic centers over the past 5 years to pay themselves rent but also control their own destiny in terms of store expansions, renovations and hand-selecting tenants to join them (instead of compete with them). We at Colliers sold them one in Jacksonville Beach FL at what is believed to be the lowest cap rate ever paid for a stabilized Publix center.
High-end home sales are up, with Kiawah reporting 12% more volume from the first half of 2014, and an average transaction size that is up 49%, while Daniel Island is reporting 26% more sales and pricing up 14%. So far, 30 properties have traded over $1M, double than that of the count of mid-year 2014. Warren Wise of The Post and Courier has the article.
Warren Wise of The Post and Courier gives a quick update on all kinds of development occurring across CHS, from planned apartment projects to under construction single-family and townhome developments. A quick summary:
- The Charterhouse at James Island, a single 4-story 32 unit building at 1559 Folly Road
- 17 South Apartments – 220 units at Marginal Road in West Ashley between I-526 and Bees Ferry Road
- Sawgrass Apartments – 194 units on Bluewater Way near Bees Ferry Road, also in West Ashley
- Faison is proposing 315 units, a parking garage and retail space on 8 acres on Island Park Drive on Daniel Island
- 90-lot single family subdivision at The Oaks at St. Johns Crossing at 1566 River Road on Johns Island; by Sup Real Estate
- A 33-home subdivision by the same development group, Sup, for a site off Clements Ferry Road north of Daniel Island
- A 22-lot subdivision by Daniel Island Co for a 17-acre site on Brailsford Street
- A 20-home subdivision by FrontDoor Communities in Carolina Park in Mount Pleasant with prices starting at $430k
- An 85-lot subdivision off Bees Ferry Road in West Ashley in the Grand Oaks development
- A 52-home lot subdivision at Roustabout Way in Bolton’s Landing in West Ashley
- For townhomes, Ryland Homes has started an 84-home luxury community at Carolina Park in Mount Pleasant
- And for senior housing, the Daniel Island Co. and Maxwell Group are planning a 216-unit senior housing community at 722 Island Park Drive on Daniel Island
BenefitFocus, headquartered on Daniel Island, has opened its new building, a 146k SF Customer Success Center, the largest building yet on its 40-acre campus, according to an article by Abgiail Darlington of The Post and Courier. The building will house some 600 software engineers, designers and technical staffers. BenefitFocus is a cloud based human resources platform and is in the midst of a 1,200-job hiring spree.
People, with jobs, then houses. The formula still works today. And jobs from Boeing, BenefitFocus and other employers fuels people which feeds the need for housing nearby, which later positively impacts retail. But for now those job generators are creating housing demand and developers are responding with plans for two new apartment communities on Daniel Island. First, Woodfield Investments plans the 300-unit Woodfield Daniel Island on the north side of the master development and now Faison plans 300 units and 33,000 SF of commercial space near the Publix and the Family Circle Tennis Center. All the while, Spectrum Properties is building the 269-unit Simmons Park on the south end of DI and Kassinger Development Group plans 324 units off Clements Ferry Road, and another developer plans another yet unannounced project nearby.
A mixed-use development, Sweetwater, that will include 324 apartments, single-family homes by Eastwood Homes, and an inn as well as a restaurant and water amenities all on a 46-acre site, is planned to start this Fall for the former Rebellion Farms estate off Clements Ferry Road in the Wando area north of I-526 and Daniel Island. Kassinger Development Group is developer. Tyrone Richardson of The Post and Courier has the story.
Tyrone Richardson of The Post and Courier reports the Charleston Trident Association of Realtors reported yesterday that first quarter home sales in the CHS region were up 11% from last year’s first quarter and prices to a median of $210,000, up 15%, as inventory is dwindling. The biggest home sales growth areas: Daniel Island and Cane Bay Plantation in Goose Creek.
Daniel-island based BenefitFocus, the insurance benefits firm, announced it will be hiring 1,200 tech positions at its campus that will also include an additional 145,000 SF office building and plans for another 145,000 SF building. The move triples it employment in CHS. See the article from John McDermott of The Post and Courier.